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Global wound closure devices market: $4.7 billion industry by 2019
Wound Closure Devices Market to 2019 - a new market research report on 2014-04-21 18:31:03
The global wound closure devices market is forecast to grow to a value of around $4.7 billion by the end of 2019. This figure suggests a CAGR growth rate of 5% between 2012 and 2019. The US is expected to remain the largest consumer, due mainly to the rising popularity of aesthetic surgeries, which demand devices that minimize the chance of scarring and post-surgical infection.

A global increase in the number of surgeries and a shifting preference towards more advanced technologies will play a key role in driving the wound closure devices market by the end of the decade. Traditional wound closure techniques involve the use of sutures, commonly known as stitches, while modern methods comprise staples, adhesives, hemostats and sealants. Their primary function is to close a wound, both internally and externally, and stop bleeding through hemostasis, which stops the blood flow through solidification.

Cosmetic surgery is one of the fastest growing types of surgical procedure. Tissue sealants and hemostats are emerging as the preferred wound closure method in this sector, as they ensure a positive aesthetic outcome, offering not only rapid hemostasis, but also minimizing chances of scarring or surgical site infections when compared with traditional wound closure devices.

The increase of orthopaedic procedures will also boost the wound closure devices market. In the US alone, procedures such as knee replacements, spinal fusions and hip replacements have experienced a cumulative growth of 84%, 96% and 33%, respectively, from 1997 to 2009.

Orthopaedic procedures have proved to be instrumental in the rapid uptake of wound closure devices as they are more complicated and are associated with longer operating times. The more effective hemostasis offered by modern devices can reduce the operating times, improve surgical outcomes, and also bring down overall associated medical costs.

However, the increase in minimally invasive surgical procedures could hinder the growth of some wound closure devices such as ligating clips and staplers, with patients preferring to avoid traditional open surgery where possible.

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